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Virgin Islands Publishes National Risk Assessment on Financial Crime Risks
The Government of the Virgin Islands has released its first National Money Laundering, Terrorist Financing, and Proliferation Financing Risk Assessment of Legal Persons and Legal Arrangements, as required under the revised Financial Action Task Force (FATF) Recommendations 24 and 25.
The report provides an evaluation of the potential misuse of Virgin Islands legal entities—such as BVI Business Companies (BVIBCs), trusts, and limited partnerships—for money laundering (ML), terrorist financing (TF), and proliferation financing (PF). It outlines existing threats and vulnerabilities and identifies measures aimed at reducing exposure to financial crime.
The assessment found that while legal persons in the Territory are generally subject to regulatory oversight, the global nature of financial services and the complexity of cross-border structures present inherent risks. The residual risk of misuse for money laundering was assessed as “Medium High” across most categories of legal persons and arrangements.
Premier of the Virgin Islands and Chair of the National Anti-Money Laundering Coordinating Council (NAMLCC), Honourable Dr. Natalio D. Wheatley, issued a statement on the report’s release:
“This risk assessment marks a significant milestone in the Virgin Islands’ journey to strengthen our anti-money laundering and counter-financing of terrorism regime. It reflects our resolve to understand our exposure to financial crime and act decisively to mitigate it. As a premier international financial centre, we are responsible for leading with integrity, upholding global standards, and ensuring that the Virgin Islands is not a haven for criminal abuse of corporate structures.”
The assessment was led by NAMLCC and developed with input from several government agencies, including the Financial Investigation Agency, Financial Services Commission, Royal Virgin Islands Police Force, Attorney General’s Chambers, and the Ministry of Financial Services, Economic Development and Digital Transformation. Industry representatives—including trust and corporate service providers, legal professionals, and accountants—also contributed through consultation.
The findings are expected to inform upcoming legislative reforms, compliance measures, and cross-border cooperation initiatives. The full report is available through the Government of the Virgin Islands.
Local News
Spike in Vessel Groundings Raises Safety and Environmental Concerns in BVI
The Marine Safety Investigation and Reporting Authority has recorded 10 vessel-grounding incidents between February and December this year, including four between October and December, prompting Chief Marine Accident Investigator in the Premier’s Office, Jerome Padmore, to call on vessel owners and operators to heighten vigilance while navigating Virgin Islands waters.
“This is a significant number and it is concerning, especially given that the marine tourism season is just beginning,” Mr. Padmore said. “It highlights the urgent need to reinforce strict situational and navigational awareness when operating in local waters.”
He said the incidents primarily involved bareboat charter catamarans and occurred under varying conditions, but all shared common contributing factors: reduced situational awareness, inadequate passage planning, and over-reliance on electronic navigation systems.
Mr. Padmore said most groundings are preventable and typically result from human error rather than mechanical failure. Common causes include lapses in concentration, misinterpretation of navigation tools, incorrect assessments of shallow areas, and excessive dependence on electronic charts.
“In regions like the Virgin Islands, operators must remain vigilant due to the complex geography, which includes numerous islands, cays, reefs, shoals, and submerged rock formations,” he said. “These elements can change with tides and weather, making attention to detail essential.”
He also warned that groundings pose serious environmental risks, including damage to coral reefs, seagrass beds, and marine habitats. Even one incident, he said, can cause long-term ecosystem harm and require costly restoration efforts.
The MSIRA is urging all vessel operators—including charter crews, private owners, commercial operators, and bareboat charterers—to reaffirm their commitment to safe navigation. Recommendations include reviewing bareboat charter qualification criteria, ensuring proper briefings, consulting cruising guides and local charts before departure, following designated channels, monitoring water depth, observing navigational buoys, and reporting hazards.
All marine accidents, including groundings, must be reported to the MSIRA within 24 hours, as required under the Virgin Islands Merchant Shipping (Accident Investigation and Reporting) Regulations 2020.

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National Parks Trust Marks Arbour Day With Native Tree Planting at The Baths and Spring Bay
The National Parks Trust of the Virgin Islands observed Arbour Day 2025 on Nov. 21 with native tree plantings at The Baths National Park and Spring Bay National Park, part of an ongoing effort to restore natural vegetation and strengthen coastal ecosystems.
In a statement posted on its official Facebook page, the Trust said the plantings support the replacement of invasive species and the long-term health of two of the Territory’s most visited natural sites. Officials said the initiative aligns with broader conservation priorities across the national park system.
“Arbour Day is an opportunity to give back to the land that sustains us,” the Trust said. “These plantings contribute to the resilience of our coastal landscapes and help ensure these sites remain healthy for generations to come.”
Alongside the plantings, the Trust’s annual Arbour Day Plant Sale is being held at the Joseph Reynold O’Neal Botanic Gardens from Nov. 17 through Nov. 28. The sale features a variety of fruit trees, including Suriname cherry, lemon, sugar apple, sugarcane fruit, and starfruit, as well as other native species. The Trust also made available the Ylang Ylang tree, known for its fragrant yellow blossoms used in perfumery.
Residents were encouraged to take part in Arbour Day by planting trees in their communities or visiting the Botanic Gardens to purchase native species. The Trust noted that public participation plays a vital role in advancing environmental stewardship across the Territory.
Arbour Day observances highlight reforestation, biodiversity, and the importance of native vegetation — key components in safeguarding the ecological integrity of the Virgin Islands.

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Government Retracts Bulletin on Indefinite Work Permit Exemptions Amid Public Confusion
The Ministry of Labour and Workforce Development of the Government of the Virgin Islands has officially retracted a bulletin issued yesterday November 11, regarding the status of Indefinite Work Permit Exemptions.
Individuals previously granted indefinite exemptions under the categories of Marriage or Minister’s Discretion were instructed to submit renewal applications, while those under the Education category must now apply for a standard work permit. The Ministry emphasized that work permit exemptions are a privilege, not a status, and encouraged eligible residents to apply for residence status instead.












